Cartesi price is looking poised to start a long-term bullish move. This is after a long bearish move that has seen the cryptocurrency lose more than 40 percent of its value in the past month.
Cartesi application in the blockchain market has been tremendous. The utility coin boasts of powering the Cartesi network, which solves blockchain scalability and high fees issues in the cryptocurrency industry. The network solves this problem by using a technology called Optimistic Rollups. In addition, the cryptocurrency can also be used on the Cartesi network to stake and pay transaction fees in the system.
Cartesi’s 4-hour price chart offers us three price action perspectives; the long-term bearish move, the support and resistance level, and the trend reversal. In the first price action perspective, Cartesi’s price has been on a downward move since February 09, 2022. This is also when the prices touched the resistance level of $0.56. The prices then traded within a descending channel for many days and looked poised for reversal after hitting the support level of $0.31.
The second perspective is the price action after hitting the support level. The prices moved aggressively to the upside, almost signalling a reversal. However, a few days later, the price volatility stopped. The prices also started a correction to the downwards.
The third and final perspective started when the Cartesi started to form an ascending channel trading pattern. Currently, the prices are bouncing from the lower trendline of the channel. This indicates that the prices are poised to continue with their bullish move. However, the trend reversal also shows that there is a possibility that the prices may hit the $0.56 resistance level.
However, if the prices reverse and bread the lower trendline of the channel to the downside, then my trade analysis will be invalidated. Unfortunately, It will also mean that the bearish move is poised to continue.
This post was last modified on %s = human-readable time difference 18:07